Altice France close to debt-for-equity deal with creditors, sources say
PARIS, Feb 25 (Reuters) - Altice France is preparing to sign an agreement with its creditors to reduce the telecoms group's debt in exchange for a minority stake in the company, two sources close to the matter told Reuters on Tuesday, confirming reports from Bloomberg and Le Figaro.
One of the sources said the agreement will involve a debt reduction of 8.6 billion euros ($9 billion), bringing consolidated net debt to 15.5 billion euros. Creditors will receive a 45% stake in total, including 31% for secured creditors.
"(Founder) Patrick Drahi manages to retain control after a year-long battle," said the source.
Altice France declined to comment.
Bloomberg reported that the agreement will include changes in governance.
The agreement has yet to be signed but is expected to be signed shortly, the two sources said.
Altice, still headed by Drahi, has been in talks with its creditors for months in an effort to reduce its debt. Last March it sold French TV news channel BFM to Marseille-based shipping company CMA CGM for an enterprise value of 1.55 billion euros ($1.63 billion).
($1 = 0.952 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
an hour ago
- North Wales Chronicle
Newark mayor sues federal prosecutor after arrest at immigration detention site
Mr Baraka, who leads New Jersey's biggest city, is a candidate in a crowded primary field for the Democratic nomination for governor next Tuesday. The lawsuit against interim US Attorney for New Jersey Alina Habba coincided with the day early in-person voting began. The lawsuit seeks damages for 'false arrest and malicious prosecution', and also accuses Ms Habba of defamation for comments she made about his case. Citing a post on X in which Ms Habba said Mr Baraka 'committed trespass', the lawsuit says Ms Habba issued a 'defamatory statement' and authorised his 'false arrest' despite 'clear evidence that Mayor Baraka had not committed the petty offence of 'defiant trespass'.' The suit also names Ricky Patel, the Homeland Security Investigations agent in charge in Newark. Emails seeking comment were left with Ms Habba's office and the Homeland Security Department, where Mr Patel works. The episode outside the Delaney Hall federal immigration detention centre has had dramatic fallout. It began on May 9 when Mr Baraka tried to join three Democratic members of Congress — Rob Menendez, LaMonica McIver and Bonnie Watson Coleman — who went to the facility for an oversight tour, something authorised under federal law. Mr Baraka, an outspoken critic of President Donald Trump's immigration crackdown and the detention centre, was denied entry. Video from the event showed him walking from the facility side of the fence to the street side, where other people had been protesting, and then uniformed officials came to arrest him. As they did, people could be heard in the video saying to protect the mayor. The video shows a crowd forming and pushing as officials led off a handcuffed Baraka. He was initially charged with trespass, but Ms Habba dropped that charge and charged Ms McIver with two counts of assaulting officers stemming from her role in the skirmish at the facility's gate. Ms McIver decried the charges and signalled she plans to fight them. A preliminary hearing is scheduled later this month. Delaney Hall, a 1,000-bed facility, opened earlier this year as a federal immigration detention facility. Florida-based Geo Group Inc, which owns and operates the property, was awarded a 15-year contract valued at one billion dollars in February. The announcement was part of the president's plans to sharply increase detention beds nationwide from a budget of about 41,000 beds this year. Mr Baraka sued Geo soon after that deal was announced. Then, on May 23, the Trump Justice Department filed a suit against Newark and three other New Jersey cities over their so-called sanctuary policies. There is no legal definition for sanctuary city policies, but they generally limit co-operation by local law enforcement with federal immigration officers. New Jersey's attorney general has a statewide directive in place prohibiting local police from collaborating in federal civil immigration matters. The policies are aimed at barring co-operation on civil enforcement matters, not at blocking cooperation on criminal matters. They specifically carve out exceptions for when Immigration and Customs Enforcement supplies police with a judicial criminal warrant. The Justice Department said, though, the cities will not notify ICE when they have made criminal arrests, according to the suit. It is unclear whether Mr Baraka's role in these fights with the Trump administration is having an effect on his campaign for governor. He is one of six candidates seeking the Democratic nomination in the June 10 election to succeed term-limited Democratic governor Phil Murphy. In a video ad in the election's final weeks, Mr Baraka has embraced a theme his rivals are also pushing: affordability. He says he will cut taxes. While some of the images show him standing in front of what appears to be Delaney Hall, he does not mention immigration or the arrest specifically, saying: 'I'll keep Trump out of your homes and out of your lives.' Mr Trump has endorsed Jack Ciattarelli, one of several Republicans running in the gubernatorial primary. Mr Ciattarelli has said if he is elected, his first executive order would be to end any sanctuary policies for immigrants in the country illegally.
Daily Mirror
an hour ago
- Daily Mirror
Crystal Palace chief plans to sell stake after UEFA talks to avoid European ban
John Textor, who owns a little less than half of Crystal Palace, has claimed he is exploring a sale of his stake after talks were held with UEFA about their participation in next season's Europa League John Textor has claimed he is actively trying to sell his 43 per cent stake in Crystal Palace after the club met with UEFA to discuss their participation in next season's Europa League. Palace could be blocked from competing in the competition because of UEFA's multi club ownership rules with Textor also the majority owner of French club Lyon, who have qualified for the same competition. An hour-long meeting was held in UEFA's Nyon base today and Palace have been confident from the outset that they can state their case that they have no influence over Lyon and the Ligue 1 side have no say on matters at Selhurst Park. But Textor, speaking to the Daily Mail, has suggested that he will be looking to offload his stake in the FA Cup winners. 'Look, all of the UK knows that I don't have decisive influence over Palace. It was a good meeting. They listened and we'll see what happens. I wouldn't be trying to sell (this stake) if I did,' he said. 'We are trying to help separate it and sell. We wanted to buy but it's become clear that isn't going to happen and so we're trying to help Palace and the situation with UEFA. That's about all I can say.' Textor was previously linked with a takeover of Everton before they were bought by the Friedkin Group. In the season just completed both Manchester United and Nice, and Manchester City and Girona had to ensure "significant changes" were made for all four to be permitted entry to the Europa League and Champions League. That included appointing an independent trustee, supervised by UEFA's Club Financial Control Body, which had "the effective control and decision-making of" Nice and Girona. Directors were also forced to resign from the clubs' boards while they were banned from transferring players to each other and from sharing commercial agreements or scouting databases. Rules state that if Palace are unable to meet UEFA's demands they would be able to drop down to the Conference League. But that is complicated by Brondby, which is owned by another of the Selhurst Park club's minority owners David Blitzer, already qualifying for that competition via the Danish league and that ranking takes precedence over teams who qualify by winning a domestic cup competition. In the unlikely event that Palace are denied entry their bitter rivals Brighton would find themselves in the Conference League on account of finishing ninth in the Premier League with Nottingham Forest promoted to the Europa.
Leader Live
an hour ago
- Leader Live
Newark mayor sues federal prosecutor after arrest at immigration detention site
Mr Baraka, who leads New Jersey's biggest city, is a candidate in a crowded primary field for the Democratic nomination for governor next Tuesday. The lawsuit against interim US Attorney for New Jersey Alina Habba coincided with the day early in-person voting began. The lawsuit seeks damages for 'false arrest and malicious prosecution', and also accuses Ms Habba of defamation for comments she made about his case. Citing a post on X in which Ms Habba said Mr Baraka 'committed trespass', the lawsuit says Ms Habba issued a 'defamatory statement' and authorised his 'false arrest' despite 'clear evidence that Mayor Baraka had not committed the petty offence of 'defiant trespass'.' The suit also names Ricky Patel, the Homeland Security Investigations agent in charge in Newark. Emails seeking comment were left with Ms Habba's office and the Homeland Security Department, where Mr Patel works. The episode outside the Delaney Hall federal immigration detention centre has had dramatic fallout. It began on May 9 when Mr Baraka tried to join three Democratic members of Congress — Rob Menendez, LaMonica McIver and Bonnie Watson Coleman — who went to the facility for an oversight tour, something authorised under federal law. Mr Baraka, an outspoken critic of President Donald Trump's immigration crackdown and the detention centre, was denied entry. Video from the event showed him walking from the facility side of the fence to the street side, where other people had been protesting, and then uniformed officials came to arrest him. As they did, people could be heard in the video saying to protect the mayor. The video shows a crowd forming and pushing as officials led off a handcuffed Baraka. He was initially charged with trespass, but Ms Habba dropped that charge and charged Ms McIver with two counts of assaulting officers stemming from her role in the skirmish at the facility's gate. Ms McIver decried the charges and signalled she plans to fight them. A preliminary hearing is scheduled later this month. Delaney Hall, a 1,000-bed facility, opened earlier this year as a federal immigration detention facility. Florida-based Geo Group Inc, which owns and operates the property, was awarded a 15-year contract valued at one billion dollars in February. The announcement was part of the president's plans to sharply increase detention beds nationwide from a budget of about 41,000 beds this year. Mr Baraka sued Geo soon after that deal was announced. Then, on May 23, the Trump Justice Department filed a suit against Newark and three other New Jersey cities over their so-called sanctuary policies. There is no legal definition for sanctuary city policies, but they generally limit co-operation by local law enforcement with federal immigration officers. New Jersey's attorney general has a statewide directive in place prohibiting local police from collaborating in federal civil immigration matters. The policies are aimed at barring co-operation on civil enforcement matters, not at blocking cooperation on criminal matters. They specifically carve out exceptions for when Immigration and Customs Enforcement supplies police with a judicial criminal warrant. The Justice Department said, though, the cities will not notify ICE when they have made criminal arrests, according to the suit. It is unclear whether Mr Baraka's role in these fights with the Trump administration is having an effect on his campaign for governor. He is one of six candidates seeking the Democratic nomination in the June 10 election to succeed term-limited Democratic governor Phil Murphy. In a video ad in the election's final weeks, Mr Baraka has embraced a theme his rivals are also pushing: affordability. He says he will cut taxes. While some of the images show him standing in front of what appears to be Delaney Hall, he does not mention immigration or the arrest specifically, saying: 'I'll keep Trump out of your homes and out of your lives.' Mr Trump has endorsed Jack Ciattarelli, one of several Republicans running in the gubernatorial primary. Mr Ciattarelli has said if he is elected, his first executive order would be to end any sanctuary policies for immigrants in the country illegally.
